LM ENGINEERING: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
LM ENGINEERING
NACE 71.121, Engineering and related technical consultancy, excluding land surveyors
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€370,110
2024 · €297,060+€73,050
Equity
€435,670
2024 · €65,560+€370,110
Cash
€182,451
2024 · €203,823-€21,372
Balance sheet total
€2.3m
2024 · €1.8m+€564,173
Largest movements
Assets
- Receivables within one year +€660,655
up €660,655 (+56.5%), from €1.2m to €1.8m
of which Trade receivables: +€452,547
- Tangible fixed assets -€54,158
down €54,158 (-22.5%), from €240,881 to €186,723
of which Furniture and vehicles: -€56,739
- Current investments -€27,500
no longer reported in 2025 (was €27,500)
Equity and liabilities
- Short-term financial debts +€489,877
up €489,877 (+104.3%), from €469,861 to €959,738
- Reserves +€370,110
up €370,110 (+912.5%), from €40,560 to €410,670
- Other debts -€280,734
no longer reported in 2025 (was €280,734)
- Advances received +€102,211
new in 2025: €102,211
- Current portion of long-term debt -€93,203
down €93,203 (-32.6%), from €285,765 to €192,562
Income statement
- Gross operating margin +€56,956
up €56,956 (+2.1%), from €2.7m to €2.8m
- Taxes +€54,030
up €54,030 (+40.6%), from €133,169 to €187,199
- Staff costs -€34,252
down €34,252 (-1.7%), from €2.0m to €2.0m
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2024
€297,060
Gross operating margin
+€56,956
Staff costs
+€34,252
Depreciation
+€18,742
Other operating charges
+€7,255
Other operating items
-€1,897
Financial income
+€9,295
Financial charges
+€2,476
Taxes
-€54,030
Result 2025
€370,110
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€393,336
Investment
+€4,469
Financing
+€367,495
Cash 2024
€203,823
From operations (derived)
-€393,336
Net result for the year
+€370,110
Depreciation
+€86,239
Receivables within one year
-€660,655
Deferred charges and accrued income
-€15,598
Trade debts
-€7,701
Tax, wage and social debts
+€12,792
Advances received
+€102,211
Other debts
-€280,734
Investment (derived)
+€4,469
Investment in fixed assets (net)
-€23,031
Current investments
+€27,500
Financing
+€367,495
Debts after one year
-€29,179
Current portion of long-term debt
-€93,203
Short-term financial debts
+€489,877
Cash 2025
€182,451
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,777,052 | €2,341,226 | +€564,173 | +31.7% |
| Fixed assets | 21/28 | €264,730 | €201,522 | -€63,208 | -23.9% |
| Intangible fixed assets | 21 | €23,649 | €14,599 | -€9,049 | -38.3% |
| Tangible fixed assets | 22/27 | €240,881 | €186,723 | -€54,158 | -22.5% |
| Land and buildings | 22 | €104,274 | €95,927 | -€8,347 | -8.0% |
| Plant, machinery and equipment | 23 | €10,695 | €29,065 | +€18,370 | +171.8% |
| Furniture and vehicles | 24 | €95,820 | €39,081 | -€56,739 | -59.2% |
| Other tangible fixed assets | 26 | €30,091 | €22,650 | -€7,441 | -24.7% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €1,512,323 | €2,139,703 | +€627,381 | +41.5% |
| Amounts receivable within one year | 40/41 | €1,169,253 | €1,829,908 | +€660,655 | +56.5% |
| Trade receivables | 40 | €1,060,983 | €1,513,531 | +€452,547 | +42.7% |
| Other amounts receivable | 41 | €108,270 | €316,377 | +€208,108 | +192.2% |
| Current investments | 50/53 | €27,500 | - | -€27,500 | |
| Cash at bank and in hand | 54/58 | €203,823 | €182,451 | -€21,372 | -10.5% |
| Deferred charges and accrued income | 490/1 | €111,747 | €127,345 | +€15,598 | +14.0% |
| Total equity and liabilities | 10/49 | €1,777,052 | €2,341,226 | +€564,173 | +31.7% |
| Equity | 10/15 | €65,560 | €435,670 | +€370,110 | +564.5% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €40,560 | €410,670 | +€370,110 | +912.5% |
| Distributable reserves | 133 | €40,560 | €410,670 | +€370,110 | +912.5% |
| Amounts payable | 17/49 | €1,711,492 | €1,905,556 | +€194,064 | +11.3% |
| Amounts payable after more than one year | 17 | €147,792 | €118,613 | -€29,179 | -19.7% |
| Financial debts | 170/4 | €147,792 | €118,613 | -€29,179 | -19.7% |
| Amounts payable within one year | 42/48 | €1,563,701 | €1,786,943 | +€223,242 | +14.3% |
| Current portion of amounts payable after more than one year | 42 | €285,765 | €192,562 | -€93,203 | -32.6% |
| Financial debts | 43 | €469,861 | €959,738 | +€489,877 | +104.3% |
| Credit institutions | 430/8 | €469,861 | €959,738 | +€489,877 | +104.3% |
| Trade debts | 44 | €145,399 | €137,699 | -€7,701 | -5.3% |
| Suppliers | 440/4 | €145,399 | €137,699 | -€7,701 | -5.3% |
| Advances received on contracts in progress | 46 | - | €102,211 | +€102,211 | |
| Taxes, remuneration and social security | 45 | €381,940 | €394,733 | +€12,792 | +3.3% |
| Taxes | 450/3 | €111,136 | €101,826 | -€9,309 | -8.4% |
| Remuneration and social security | 454/9 | €270,805 | €292,907 | +€22,102 | +8.2% |
| Other amounts payable | 47/48 | €280,734 | - | -€280,734 | |
| Non-recurring operating income | 76A | - | €18,502 | +€18,502 | |
| Remuneration, social security and pensions | 62 | €2,038,518 | €2,004,265 | -€34,252 | -1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,980 | €86,239 | -€18,742 | -17.9% |
| Other operating charges | 640/8 | €57,726 | €50,471 | -€7,255 | -12.6% |
| Non-recurring operating charges | 66A | - | €1,897 | +€1,897 | |
| Gross operating margin | 9900 | €2,725,150 | €2,782,106 | +€56,956 | +2.1% |
| Operating profit (loss) | 9901 | €523,926 | €639,235 | +€115,309 | +22.0% |
| Financial income | 75/76B | €1,098 | €10,393 | +€9,295 | +846.2% |
| Recurring financial income | 75 | €1,098 | €10,393 | +€9,295 | +846.2% |
| Financial charges | 65/66B | €94,795 | €92,319 | -€2,476 | -2.6% |
| Recurring financial charges | 65 | €94,795 | €92,319 | -€2,476 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | €430,229 | €557,309 | +€127,080 | +29.5% |
| Income taxes | 67/77 | €133,169 | €187,199 | +€54,030 | +40.6% |
| Profit (loss) for the period | 9904 | €297,060 | €370,110 | +€73,050 | +24.6% |
| Profit (loss) for the period to be appropriated | 9905 | €297,060 | €370,110 | +€73,050 | +24.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.